Bitcoin Daily Transactions Just Hit A New ATH – What’s Driving It?
28 Abril 2024 - 9:00AM
NEWSBTC
The Bitcoin network has witnessed a surge in trading activity in
the days after the halving, as shown by on-chain data. Although the
just concluded halving brought a lot of attention to Bitcoin, the
recent surge in trading activity can be attributed to something
else. According to data from on-chain analytics platform
IntoTheBlock, the number of daily BTC transactions has grown
rapidly in the past few days to reach a new high of 927,000 thanks
to a new token standard called Runes. Related Reading: Analysts
Call It: XRP Primed For A 700% Surge – Details Bitcoin Daily
Transactions Reach New All-Time High Bitcoin’s price has been
skyrocketing since the beginning of the year with interest in the
top cryptocurrency exploding. All that new interest means more
people buying, selling, and trading BTC, which has led to a huge
increase in the number of daily transactions. Despite the increase
in activity, the number of daily transactions failed to break above
the 724,000 record for the past four months, until recently this
week. The main catalyst for this activity surge is the recent
launch of the Runes token standard on the Bitcoin blockchain. The
Runes Protocol is a new token standard on BTC that gives users a
more efficient way of creating fungible tokens. The additional
functionality provided by Runes opens up new possibilities for
Bitcoin, allowing users to create non-fungible tokens more
efficiently than the existing BRC-20 token system. Bitcoin is now
trading at $63.711. Chart: TradingView The Runes token standard
surged immediately among developers and users after launch,
constituting over 68% of Bitcoin transactions recorded. According
to Dune’s analytics dashboard, the number of Runes transactions
surged to 753,000 on Tuesday, April 23. As a result, the total
number of transactions on the day crossed over 927,000 to break the
724,000 record set in December 2023. Bitcoin hit a new all-time
high in daily transactions! Following the launch of Runes, The
number of Bitcoin transactions has increased rapidly, hitting
927,000 on Tuesday. This breaks the previous high of 724k set in
December of 2023 pic.twitter.com/30JXbrLmdR — IntoTheBlock
(@intotheblock) April 26, 2024 On the other hand, the hype
surrounding the Runes token standard seems to have faded so
quickly. The number of transactions on Runes has now fallen to
104,800 in the past 24 hours, constituting 26% of the total number
of transactions. Bitcoin Price Prediction At the time
of writing, Bitcoin is trading at $63,711 with a price resistance
now around $64,500. Bitcoin’s price trajectory can be very tough to
predict. Many Bitcoin analysts and traders are still looking
forward to a bullish effect of the just concluded halving on the
price of the cryptocurrency. A Bitcoin bull flag has just been
formed which suggests the possibility of an uptrend very soon.
Related Reading: The Machines Know: Bitcoin Primed For Epic Price
Surge To $77,000 However, crypto expert Peter Brandt believes
Bitcoin might have already reached its top in the current market
cycle. His theory is based on the exponential decay thesis which
shows that the percentage gain of Bitcoin price has reduced in
succeeding market cycles. Featured image from Pexels, chart from
TradingView
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